Hi,
I would appreciate any advice on the following. In 2008 my partner and I purchased a house as a first time buyer, ie in joint names. I am now looking at getting this changed to my own name, removing her name from it. The property like most has decreased in value and selling the house would be a loss to us.
So the mortgage company have made me aware to achieve the single name, a sum is required to paid off the principal of the mortgage. By doing this my repayments will decrease - is there any other benefit to doing this? ie. paying off a sum from the principal.
Also as I believe this is something that does happen from time to time (joint to single mortgage), is there any advice or information that would help me with this? I am currently considering my options so would appreciate any help.
Thanks.
I would appreciate any advice on the following. In 2008 my partner and I purchased a house as a first time buyer, ie in joint names. I am now looking at getting this changed to my own name, removing her name from it. The property like most has decreased in value and selling the house would be a loss to us.
So the mortgage company have made me aware to achieve the single name, a sum is required to paid off the principal of the mortgage. By doing this my repayments will decrease - is there any other benefit to doing this? ie. paying off a sum from the principal.
Also as I believe this is something that does happen from time to time (joint to single mortgage), is there any advice or information that would help me with this? I am currently considering my options so would appreciate any help.
Thanks.